1. The current value of my savings is P60000 and the rate of interest is 5.70% compounded annually, what will be the value after 4 years?
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Answer:
1. FV = PV × (1+r)^n
= P60000 × (1+0.057)^4
= P60000 × (1.057)^4
= P60,000 × 1.2482
FV = P74,892.00